This quiz works best with JavaScript enabled. Home > Entrepreneurship > General > Entrepreneurs – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The flow of goods and services around the whole world. A) Local Economy. B) Market Economy. C) Mixed Economy. D) Global Economy. Show Answer Correct Answer: D) Global Economy. 2. This means satisfying customer's wants and needs while making a profit. It is a company-wide consumer orientation. A) Promotional concept. B) Marketing concept. C) Promotional concept. D) Revenue generating concept. Show Answer Correct Answer: B) Marketing concept. 3. T century entrepreneurs A) Rely heavily on brick & mortar stores. B) Are primarily funded by commercial banks. C) Are typically associated with start-ups. D) Are 100% self-funded. Show Answer Correct Answer: C) Are typically associated with start-ups. 4. What could cause a new business to run short of cash during its first year? A) Failure to apply for a loan or a grant. B) Failure to pay taxes for the new business. C) Failure to secure proper permits and licenses. D) Failure to pay the employees. Show Answer Correct Answer: A) Failure to apply for a loan or a grant. 5. Shark Tank is a reality TV program that allows entrepreneurs to pitch their business ideas to a panel of potential investors. However, for the entrepreneur, Shark Tank is really a: A) Promotional tool. B) Investment strategy. C) Product development tactic. D) Focus group experience. Show Answer Correct Answer: A) Promotional tool. 6. Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of A) Outsourcing. B) Success. C) Empathy. D) Productivity. Show Answer Correct Answer: B) Success. 7. ..... is looking for new ways to solve old problems A) Responsibility. B) Uncertainty. C) Creativity. D) None of above. Show Answer Correct Answer: C) Creativity. 8. Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable. A) Hardworking. B) Opportunity Seeker. C) Optimistic. D) Self Confidence. Show Answer Correct Answer: C) Optimistic. 9. What is the purpose of a business plan? A) 1. Creates the Business Model for Investor. B) 2 It is just a plan on paper. C) 3. Highlights risks and challenges and opportunities for a idea or company. D) 4. It is just way to do more research about various businesses. Show Answer Correct Answer: C) 3. Highlights risks and challenges and opportunities for a idea or company. 10. Why is collecting feedback from customers important? A) To generate ideas for the business's marketing campaigns. B) To better understand what your customers like and dislike about your business. C) So your customers think you care about what they think. D) None of above. Show Answer Correct Answer: B) To better understand what your customers like and dislike about your business. 11. All of the following are advantages of entrepreneurship, except A) Isolation. B) Independence. C) Control. D) Personal satisfaction. Show Answer Correct Answer: A) Isolation. 12. ..... is one who is always focused on introducing a new project or introducing something new in the venture already started . A) Innovative entrepreneur. B) Imitative entrepreneur. C) Fabian entrepreneur. D) Drone entrepreneur. Show Answer Correct Answer: A) Innovative entrepreneur. 13. Commitment to get something done. A) Obligation. B) Determination. C) Credit-worthiness. D) None of above. Show Answer Correct Answer: B) Determination. 14. ..... is the main reason why people want to become entrepreneurs A) Being your own boss. B) Run home based businesses. C) Long work hours. D) Uncertain income levels. Show Answer Correct Answer: A) Being your own boss. 15. How much did JK Rowling earn in 2019? A) $ 92.6 million. B) $ 14.6 million. C) $ 17 million. D) $ 115 million. Show Answer Correct Answer: A) $ 92.6 million. 16. Which is the best short-term option to reach profitability? A) Develop new markets. B) Create a new product. C) Cut total expenses. D) Open new locations. Show Answer Correct Answer: C) Cut total expenses. 17. Anyone can be an entrepreneur and: A) You must be 21 years of age to get started. B) You must have another job. C) You can begin at any age. D) None of above. Show Answer Correct Answer: C) You can begin at any age. 18. Which of the following of Maslow's needs must be satisfied first? A) Security. B) Physiological. C) Self-actualization. D) Social. Show Answer Correct Answer: B) Physiological. 19. An entrepreneur should prepare a cash flow statement A) Daily. B) Monthly. C) Quarterly. D) Yearly. Show Answer Correct Answer: B) Monthly. 20. Entrepreneurs believed that the success or failure of a new business venture depends primarily on: A) Educational training taught in business schools. B) Luck or fate. C) Their own attitude, skills and abilities. D) None of above. Show Answer Correct Answer: C) Their own attitude, skills and abilities. Next →Related QuizzesEntrepreneurship QuizzesEntrepreneurs Quiz 2Entrepreneurs Quiz 3Entrepreneurs Quiz 4Entrepreneurs Quiz 5Entrepreneurs Quiz 6Entrepreneurs Quiz 7Entrepreneurs Quiz 8Entrepreneurs Quiz 9Entrepreneurs Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books